Rwanda's Parliament Passes Virtual Asset Regulation Bill, Unauthorized Operations Face Up to 100 Million Rwandan Francs Fine

On May 10, it was reported that the lower house of Rwanda's Parliament passed a virtual asset regulation bill on May 5, aimed at regulating cryptocurrency transactions, protecting investors, and maintaining financial system stability. The bill stipulates that individuals operating virtual asset businesses without authorization will face 3 to 5 years of imprisonment and fines ranging from 30 million to 50 million Rwandan francs, while companies could face fines of up to 100 million Rwandan francs. The Capital Market Authority will serve as the main regulatory body, working in coordination with the National Bank of Rwanda for enforcement. The bill is pending presidential signature and will take effect after being published in the official gazette, with detailed implementation rules to be developed after the law comes into effect.